ML-Implode News - Atlantic City Rescue Plan Approved by New Jersey Lawmakers

The measures approved on Thursday would give Atlantic City five months to come up with a balanced budget for 2017 and a five-year plan that puts the city on a path toward financial recovery. The city would receive a loan from the state as well as payments from casinos in lieu of property taxes. The casino money would amount to $120 million in the first year and increase by at least 2 percent a year over the next nine years, lawmakers said.
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The legislation requires the city to identify spending cuts, as well as ways to increase revenue and reduce debt. The city would be able to use early retirement programs to shrink its work force, lawmakers said. The city would also have to make required payments to the local school district and to Atlantic County.

If Atlantic City officials failed to come up with the plan called for in the legislation, or if the city did not meet its obligations, the state would have the authority to rein in the city's finances.

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Atlantic City Rescue Plan Approved by New Jersey Lawmakers